The second phase of the tender for the 20% stake in the special purpose company "Ariadne Interconnection SAES," the operator of the Attica-Crete electricity interconnection, is extended until July 12.

The extension was granted at the request of the bidders. Candidate companies will be able to submit their financial offers until July 12, after which the evaluation process by IPTO will start.

It is recalled that the consortium of the companies Meridiam Europe IV A SAS, FAETHON Unipersonal Holding Company, and State Grid International Development Belgium Limited will continue in the second phase of the tender.

During the conduct of the second phase of the tender, the candidates have been given access to the Virtual Data Room (VDR), which contains the technical and financial data of the company as well as the material deemed necessary for the preparation of the candidates' binding financial offers.

Ariadne Interconnection SA is a 100% subsidiary of IPTO.

After construction is complete by the end of this year, the electrification of the interconnection line between Crete and the mainland system (Attica) will begin on a trial basis in early 2025.

The project will enter commercial operation in the first half of 2025 and its completion, together with the small interconnection between the Peloponnese and Crete, which has been operating continuously since the summer of 2021, according to a statement, will remove the island's energy isolation and ensure its energy security before the start of the summer season, during which demand for electricity peaks.

At the same time, Crete is becoming an energy hub in conjunction with the future extension of the interconnection to Cyprus and Israel, while the foundations are being laid for its further "green" development with the creation of 2.5 GW of electrical space for the installation of onshore and offshore renewable energy projects.